The rate of growth in London's business activity was the slowest recorded in seven months, with the PMI Business Activity Index dropping from 57.4 in April to 54.2 in May.
London businesses witnessed increased new business opportunities in May, driven by demand strength, new product releases, marketing efforts, and real estate activity, although the rate of growth softened compared to the previous months.
The year-ahead outlook for business activity in London remained positive, with a higher percentage of businesses expecting output growth. Factors contributing to this optimism included new products, contract wins, investment, export sales, and technological improvements.
London private sector companies faced softer cost pressures in May, with input prices still rising but at a slower rate. Salary and IT costs were the main areas reported with price increases over the survey period.
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